Section 220
( 1)
of Securities Markets Order, 2013
A collective investment scheme licence may be revoked by an order made by the Authority if it appears to the Authority that -
{a}
one or more of the requirements for the making of the order are no longer satisfied;
{b)
the operator or the custodian of the collective investment scheme concerned has contravened a requirement imposed on him by or under this
Order;
{c)
the operator or the custodian of the collective investment scheme has, in purported compliance with any such requirement, knowingly or recklessly given the Authority information which is false or misleading in a material particular;
{d)
no regulated activity is being carried on in relation to the collective investment scheme and the period of that inactivity began at least 12 months earlier; or
{e)
none of paragraphs {a} to {d) applies, but it is desirable to revoke the licence in order to protect the interests of participants or potential participants in the collective investment scheme.
(2)
For the purposes of subsection (l){e}, the Authority may take into account any matter relating to -
{a} the collective investment scheme;
{b)
the operator or the custodian;
{c)
any person employed by or associated with the operator or the custodian in connection with the collective investment scheme;
{d) any director of the operator or the custodian;
{e)
any person exercising influence over the operator or the custodian;
{f) any body corporate in the same group as the operator or the custodian;
{g}
any director of any such body corporate;
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{h)
any person exercising influence over any such body corporate.
Procedure for revocation of collective investment scheme licence.